控制权私人收益内涵与测度研究Concept and Measure of Private Benefits of Control
吴新春
摘要(Abstract):
控制权私人收益是控股股东和经理人享有而其他股东不能按持股比例分享的那部分收益,是研究大股东侵害小股东利益的重要概念。目前,学界对控制权私人收益的常用测度方法有大宗股权溢价法、投票权溢价法和配对样本法,其中大宗股权溢价法最适合测度我国上市公司的控制权私人收益,配对样本法由于样本量过少而难以进行大样本研究。近年出现的测度新方法有累积异常收益率法和结构模型法,但并没有得到广泛认同与应用,未来的研究方向是探索更加科学准确的测度方法。
关键词(KeyWords): 控制权私人收益;大宗股权溢价法;投票权溢价法;配对样本法
基金项目(Foundation): 中国人民大学科学研究基金项目,项目编号:13XNH010
作者(Author): 吴新春
DOI: 10.13902/j.cnki.syyj.2013.07.027
参考文献(References):
- [1]Aghion,P.,and P.Bolton.An incomplete contract ap-proach to bankruptcy and the financial structure of thefirm[J].Review of Economic Studies,1992(59):473-494.
- [2]Albuquerque,R.,and E.Schroth.Quantifying privatebenefits of control from a structural model of blocktrades[J].Journal of Financial Economics,2010(96):33-55.
- [3]Bai,C.E.,Liu,Q.,and F.M.Song.Bad news isgood news:propping and tunneling evidence from Chi-na.Working Paper,University of Hong Kong,2004.
- [4]Barclay,M.,and C.Holderness.Private benefits fromcontrol of public corporations[J].Journal of FinancialEconomics,1989(25):371-395.
- [5]Burkart,M.,Gromb,D.,and F.Panunzi.Agencyconflicts in public and negotiated transfers of corporatecontrol[J].Journal of Finance(55):647-677.
- [6]Claessens,S.,S.Djankov,and L.P.H.,Lang.Theseparation of ownership and control in east asian corpo-rations[J].Journal of Financial Economics,2000(58):81-112.
- [7]Coffee,J.Do norms matter?A cross-country exami-nation of the private benefits of control.Working Pa-per,Columbia Law School,2001.
- [8]Doidge,C.U.S.cross-listings and the private bene-fits of control:evidence from dual-class firms[J].Journal of Financial Economics,2004(72):519-553.
- [9]Dyck,A.,and L.Zingales.Private benefits of con-trol:an international compassion[J].Journal of Fi-nance,2004(59):537-600.
- [10]Ehrhardt,O.,and E.Nowak.Private benefits and mi-nority shareholder expropriation.Working Paper,Hum-boldt University,2003.
- [11]Faccio,M.,and L.Lang.The ultimate ownership ofwestern European corporations[J].Journal of FinancialEconomics,2002(65):365-395.
- [12]Grossman,S.,and O.Hart.One share one vote andthe market for corporate control[J].Journal of FinancialEconomics,1988(20):175-202.
- [13]Hanouna,P.,Sarin,A.,and A.Shapiro.Value ofcorporate control:some international evidences.Work-ing Paper,Marshall School,2002.
- [14]Harris,M.,and A.Raviv.Corporate governance:voting rights and majority rules[J].Journal of FinancialEconomics,1988(20):203-235.
- [15]Lease,R.,Mecconnell,J.,and W.Mikkelson.Themarket value of control in publicly traded corporations[J].Journal of Financial Economics,1983(11):439-471.
- [16]Nenova,T.The value of corporate voting rights andcontrol:a cross-country analysis[J].Journal of Finan-cial Economics,2003(68):325-351.
- [17]Jensen,M.,and W.Meckling.Theory of the firm:managerial behavior,agency costs and ownership struc-ture[J].Journal of Financial Economics,1976,3(4):305-360.
- [18]Shleifer,A.,and R.Vishny.A survey of corporategovernance[J].Journal of Finance,1997,52(2):737-783.
- [19]Mikkelson,W.,and H.Regassa.Premiums paid inblock transactions[J].Managerial and Decision Eco-nomics,1991(12):511-517.
- [20]Mueller,E.Private benefits of control,capital struc-ture and company growth.London School of Econom-ics,Working Paper,2003.
- [21]Nenova,T.The value of corporate voting rights andcontrol:a cross-country analysis[J].Journal of Finan-cial Economics,2003(68):325-351.
- [22]Nicodano,G.,and A.Sembenelli.Private benefits,block transaction premiums and ownership structure[J].International Review of Financial Analysis,2004(13):227-244.
- [23]Zingales,L.What determines the value of corporatevotes?[J].Quarterly Journal of Economics,1995(110):1047-1073.
- [24]邓建平,曾勇.大股东控制和控制权私人利益研究[J].中国软科学,2004(10):50-58.
- [25]韩德宗,叶春华.控制权收益的理论与实证研究[J].统计研究,2004(2):42-46.
- [26]马磊,徐向艺.中国上市公司控制权私有收益实证研究[J].中国工业经济,2007(5):56-63.
- [27]唐宗明,蒋位.中国上市公司大股东侵害度实证分析[J].经济研究,2002(4):44-50.
- [28]唐宗明,余颖,俞乐.我国上市公司控制权私人收益的经验研究[J].系统工程理论方法应用,2005(12):509-513.